A merger between Embers Credit Union and Upper Michigan Community CU is set to take effect on June 1, nearly a year after being approved by members.
UMCCU members received Embers debit cards last month, and UMCCU was expected to close both of its branches on Saturday in preparation for the merger, with branches opening again on Monday as Embers facilities.
Both institutions are located in Michigan’s Upper Peninsula, near Lake Superior. Embers was formerly known as Upper Peninsula Catholic Credit Union but rebranded as Embers late last year.
“We’re thrilled that the members of Upper Michigan Community Credit Union (UMCCU) overwhelmingly voted on August 20, 2018, to merge with Embers Credit Union,” Embers President and CEO Tom Blake wrote in a
Embers has more than $186 million in assets and serves over 12,000 members, compared to just $38 million in assets and about 4,400 members for Upper Michigan Community.
UMCCU had about $56,000 in net income during the first quarter of 2019, slightly above the $51,144 it earned during the same period a year earlier. Net income at Embers during Q1 stood at $538,752, down about 8% from one year prior.
